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Gunning for the Old Guard

MTFs set up shop to challenge established exchanges

Traders Magazine, October 2008

Peter Chapman

It's crunch time in Europe. Almost one year after the Markets in Financial Instruments Directive, or MiFID, went into effect, the battle to wrest market share from Europe's stock exchanges is about to begin in earnest. As Traders Magazine was going to press, three new displayed venues were in the process of establishing themselves, bringing to four the number of displayed multilateral trading facilities (MTFs) gunning for a piece of the $80-billion-a-day cash equities trading business. That's the total aggregate value of shares that changes hands in Europe each day.

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